Economics Exam Past Questions and Answers | JAMB, WAEC and NECO

Economics is the study of how societies allocate limited resources to meet the unlimited needs and wants of individuals. It focuses on the production of goods and services, economic growth, and various complex issues that are important to society.

• Question 561: The best index for international comparison of standards of living is the? Options:
  A) gross national product
  B) net national income
  C) per capita income
  D) gross national income
  Show Answer
  The correct answer is C .
• Question 562:

  ------------- is NOT the cause of balance of payments (BOP) deficits in Nigeria

  Options:
  A) Poor performance of non-oil sector
  B) Export promotion
  C) No import substitution strategies
  D) High servicing of debt
  Show Answer
  The correct answer is B .
• Question 563: To reduce the high rate of inflation in the economy, the government should? Options:
  A) increase taxes and have a budget surplus
  B) increase taxes and have a budget defilicit
  C) decrease taxes and have a budget defilicit
  D) decrease taxes and have a balance budget
  Show Answer
  The correct answer is A .
• Question 564: In economics, production is complete when Options:
  A) Goods are produced in the factory
  B) Goods are sold to the wholesalers
  C) Goods and services are produced by the government
  D) Prices are fixed for goods and services
  E) Goods and services finally reach the consumer
  Show Answer
  The correct answer is E .
• Question 565: Banks can create more money by? Options:
  A) increasing its cash ratio with the Central Bank
  B) issuing more banks cheques
  C) accepting more deposits from customers
  D) lending out money from customers deposits
  Show Answer
  The correct answer is D .
• Question 566: Which of the following factors enhances the ability of commercial banks to create money? Options:
  A) Reduction in the reserve ratio
  B) Leakage of cash out of banking system
  C) excess of reserves
  D) Insistence on collateral security
  Show Answer
  The correct answer is A .
• Question 567: Which is NOT a method of raising capital funds in Nigeria? Options:
  A) Borrowing from abroad
  B) Internal borrowing
  C) Nigerianization of foreign companies
  D) Gifts from abroad
  E) Saling government bonds
  Show Answer
  The correct answer is C .
• Question 568:

  $\begin{array}{ccc}\text{Output produced per day (Units)}& \text{Fixed cost per day (N)}& \text{Total cost per day (N)}\\ 20& 60& 100\\ 30& 60& 120\\ 40& 60& 130\\ 50& 60& 135\\ 60& 60& 150\\ 70& 60& 170\\ 80& 60& 190\end{array}$

  Using the table above, the ATC at 30 units of output is

  Options:
  A) ₦3.00
  B) ₦4.00
  C) ₦60.00
  D) ₦120.00
  Show Answer
  The correct answer is B .
• Question 569: Which of the following is NOT a determinant of changes in supply? Options:
  A) Changes in the cost of production
  B) Technical progress
  C) Weather
  D) Changes in the number of producers
  E) Changes in the number buyers
  Show Answer
  The correct answer is E .
• Question 570: Which of the following is the standard concept for measuring and analyzing population growth? Options:
  A) The rate of natural increase
  B) The net migrate
  C) The rate of population increase
  D) The fertility rate
  E) All of the above
  Show Answer
  The correct answer is E .